Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Chesapeake Establishes Office Of Chairman; Names Steven Dixon Acting CEO

Chesapeake Energy Corp. (CHK: Quote) said Friday that its Board of Directors has established a three-person Office of the Chairman while continuing its previously announced CEO search process with the assistance of Heidrick & Struggles.

The Office of the Chairman includes: Archie Dunham, Non-Executive Chairman of the Board; Steven Dixon, who has been named Acting Chief Executive Officer in addition to his continuing role as Chief Operating Officer; and Domenic Dell'Osso Jr., Chief Financial Officer.

As part of Chesapeake's previously announced succession plan, the members of the Office of the Chairman have been working closely to transition oversight of strategic, operational, and financial matters as well as certain day-to-day management responsibilities from Chief Executive Officer Aubrey McClendon, who has previously agreed with the Board to retire on April 1.

Chesapeake has been under scrutiny from federal regulators and investors after McClendon was found to have taken loans of more than $1 billion from private equity firm EIG Global Energy Partners LLC, using his stake in the company's drilling wells that were obtained under a controversial program.

The company, the second-largest natural gas producer in the U.S, has said that its extensive probe of alleged conflicts of interest involving McClendon has not revealed any improper conduct.

Register
To receive FREE breaking news email alerts for Chesapeake Energy Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections. Stocks are showing a lack of direction in early trading on Friday after ending the previous session sharply higher. The major averages have been bouncing back and forth across the unchanged line, unable to sustain any significant moves. While the Commerce Department released a report on Friday showing a modest increase in new home sales in the U.S. in the month of September, the uptick came from a significantly downwardly revised level in August.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.